|Traded as||Euronext: KER|
CAC 40 Component
|Headquarters||40 rue de Sèvres, Paris 7e, France|
|Francois-Henri Pinault |
(Chairman and CEO)
|Products||Luxury goods |
|Revenue||€15.478 billion (2017)|
|€2.948 billion (2017)|
|€1.786 billion (2017)|
|Total assets||€25.577 billion (2017)|
|Total equity||€12.626 billion (2017)|
Number of employees
|Footnotes / references|
2017 Annual results
Kering S.A. (French: [kɛːʁiŋ]) is an international luxury group based in Paris, France. It owns luxury goods brands, including Gucci, Yves Saint Laurent, Balenciaga, Alexander McQueen, Bottega Veneta, Boucheron and Brioni, Pomellato.
The company was founded in 1963. It was known as Pinault S.A. until 1994, as Pinault-Printemps-Redoute from 1994 to 2005, as PPR from 2005 to 2013, and became Kering in 2013. It has been quoted on Euronext Paris since 1988 and has been a constituent of the CAC 40 index since 1995. The company has been headed by François-Henri Pinault since 2005.
In 1963, with a loan from his family and a bank, François Pinault opened the Établissements Pinault in Brittany (France) and specialized in timber trading. The company grew organically and through successful acquisitions. In 1988, Pinault S.A. was listed on the Paris Stock Exchange, multiplying the group’s financial power.
In 1989, it purchased 20% of CFAO, a French distribution conglomerate active throughout Africa. In 1990, Pinault S.A. and CFAO merged, and François Pinault became head of the newly formed group. This accelerated its acquisitions in the retail sector: Conforama (French furniture retailer) in 1991, Printemps (department stores in Paris) in 1992, which also owned 54% of La Redoute (French mail-order shopping retailer), and Fnac (French bookstore, multimedia and electronics retailer) in 1994. To align the group’s identity with its new activities, it was renamed Pinault-Printemps-Redoute (PPR) in 1994.
In 1999, Pinault-Printemps-Redoute purchased a controlling 42% stake of the Gucci group for $3 billion. Through the Gucci deal, Pinault-Printemps-Redoute also acquired the brand Yves Saint Laurent. It confirmed this new strategy with its following acquisitions, which included the French high-jewelry house Boucheron (2000), the Italian leather goods maker Bottega Veneta, and the fashion house Balenciaga (2001). In 2001, Pinault-Printemps-Redoute also signed strategic partnerships with ex-Givenchy fashion designer Alexander McQueen and with Stella McCartney.
With a new strategy for the group, Pinault-Printemps-Redoute offloaded its assets in the retail sector one after the other: Pinault Bois et Matériaux, upon which the whole group developed and grew, was acquired in 2003 by the British group Wolseley.
In 2003, François Pinault handed over the helm of Artémis, the family holding company that controlled Pinault-Printemps-Redoute and other assets (Château Latour, Christie’s, etc.), to his son François-Henri. In 2004, Pinault-Printemps-Redoute acquired almost all of the remaining shares of the Gucci group to reach a 99.4% ownership of the Italian luxury company. In 2005, François-Henri Pinault chose a hands-on approach to managing Pinault-Printemps-Redoute and decided to take over the position of CEO. The group officially changed its name to PPR.
The divestment of the group’s retail assets continued: Le Printemps (2006), Conforama (2011), CFAO and Fnac (2012), and La Redoute (2013). In the meantime, PPR acquired the Sowind Group (owner of Swiss high-end watchmaker Girard-Perregaux) and the Italian bespoke tailor Brioni (2011), the Italian group Pomellato (Pomellato and Dodo jewelry brands), the Chinese jeweler Qeelin (2012), the fashion designer Christopher Kane, and luxury watch manufacturer Ulysse Nardin (2014).
On March 22, 2013, PPR changed its name to Kering in order to fully achieve the group’s shift towards luxury goods. Pronounced [kɛːʁiŋ], to sound like the English word "caring", the new name is a reference to the Pinault family’s region of origin, Brittany, where kêr means "home". The new logo has an owl as its emblem, a bird that can rotate its head 270 degrees, giving it extraordinary vision, and François Pinault’s favorite animal.
In December 2014, Alessandro Michele, an unknown accessories designer, was named creative director of Gucci, and quickly revitalized the brand’s creativity, fashion relevance, and profitability. From 2014 to 2017, Gucci's sales doubled from 3,497.2 million euros to 6,211.2 million euros.
In 2015, following Hedi Slimane’s four-year success at the creative helm of Yves Saint Laurent, Kering named a new creative director, Anthony Vaccarello, to pursue the evolution of the brand while maintaining its growth pace. In October 2015, Kering named Georgian-born designer Demna Gvasalia as creative director of Balenciaga.
In March 2018, Kering announced it has agreed to sell its shares of Stella McCartney to its eponymous owner. In April 2018, Kering announced its intention to sell the sportswear company Volcom. In May 2018, Kering also offloaded its shares of Puma, retaining a minor 15.7%, thus becoming a pure player in luxury.
Kering is an international luxury goods group based in Paris, France. Its portfolio includes brands specialized in the design, the making and the sale of fine products, especially in the leather-goods, shoes, ready-to-wear, watches and jewelry sectors:
|Brand||With Kering since||Country|
In April 2012, Kering committed to a 4-year plan aiming to significantly reducing its impact on the environment. The group defined a set of quantifiable targets covering both environmental and social issues, and developed the Environmental Profit & Loss account (E P&L) to measure its progress. After publishing its 2016 sustainability report, Kering announced its new sustainability program, targeting a 40% reduction of its global environmental impact by 2025, a strategy aligned with the UN Sustainable Development Goals.
In September 2013, Kering became part of the Dow Jones Sustainability Indices world and Europe, and was recognized as an industry leader in 2014 and 2015. In January 2018, during the World Economic Forum in Davos, Kering was named top sustainable textile, apparel and luxury goods corporation in the Corporate Knights Global 100 index. In February 2018, in partnership with the London College of Fashion, Kering launched the first online class (Mooc) in fashion and sustainability. In October 2018, Kering started to implement the use of the first 100% traceable organic cotton.
The Kering Foundation is committed to defending women’s dignity and rights by combating violence against women and promoting women’s empowerment. Since 2009, the Foundation initiated 47 partnerships with NGOs and supported many social projects oriented towards women’s rights.
Many brands have their own philanthropic projects with the support of the Kering Foundation. Gucci launched its project Chime for Change, an international campaign to raise funds for women’s emancipation, focusing on education, health and justice.
Every year since 2012, the Kering Foundation has contributed to the International Day for the Elimination of Violence against Women with the White Ribbon for Women campaign.
In 2015, Kering became an official partner of the Cannes Film Festival and launched Women in Motion to highlight the contribution of women to the film industry, both in front of and behind the camera. The program is based on talks where personalities share their recommendations for the advancement of women’s representation in the industry. The Women in Motion Awards have been awarded annually to an inspirational figure who embodies the role of women in the film industry, and another to a promising name in cinema. Past winners include:
In 2018 a network of international journalists, the European Investigative Collaborations (EIC), received leaked documents that provide insight into Kerings tax evasion strategies. The CEO of Gucci, Marco Bizzarri, by contract received a net salary of 8 million Euros. To pay as little tax as possible for this salary a special strategy was formed by Kering. That included a residence in Switzerland and two contracts for Bizzarri, one in Italy and one in Luxemburg. The salary was then paid by a shell corporation in Luxemburg. Using this strategy € 9,49 million gross gained Bizzarri € 8,04 net income. In a statement Kering said that it's methods were within given laws.
In November 2017 Italian authorities opened a criminal investigation into a tax case involving Kering and its flagship brand Gucci. The inquiry included a raid on Gucci offices in Florence and Milan. The authorities were looking into whether Gucci should have paid as much as 1.3 billion Euro in past domestic taxes.
Including France and UK, the amount of possible tax evasion by Kering is considered to be up to 2.5 billion Euros.
|Sales||17 931||17 761||20 201||16 525||11 008||12 227||9 736||9 748||10 037||11 584||12 385||15 478|
|EBITDA||1 540||2 096||2 140||1 790||1 649||1 911||2 067||1 750||1 647||1 886||2 948|
|Net results||680||1 058||924||985||965||986||1 048||50||528.9||696||814||1 786|
|Net debt||3 461||6 121||5 510||4 367||4 000||3 395||2 491||3 443||4 679||4 371||3 049|
|Number of shares (in millions)||128||128.4||126.5||126.8||127||126.2||126.2||126.3|
|Market capitalizations (in millions of Euros)||14089||5897||10 661||15 093||14 034||17 764||26,935||49 628|
|Number of daily transactions||692 022||1 116 420||701 105||453 415||385 265||317 960|
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